Episode 178: Multiple Streams of Income

Mitch Stephen has been a self-employed RE investor for 20+ years. His real estate investing career started at the age of 23 when he read “Nothing Down” by Robert Allen.

REAL ESTATE INVESTOR: Mitch, together with his wife, Tommi, and his daughter, Shannon purchased their fair share of local houses. Their company, Independence Day, Inc., has bought and sold over 1,500 properties in and about San Antonio, Tx since 1996. This company specializes in buying distressed properties with OPM and the selling of those owner financed properties.

EDUCATOR:
Mitch offers Online Education, Group Coaching, and one-on-one Mentorships as it relates to all the aspects of Owner Financing and owner financed properties.

Mitch forged the creation of a mass texting software, LiveComm.com to help solve problems that arise when you get numerous calls from bandit signs and other advertising efforts to sell your houses.

The main reason Mitch wanted this system was to reduce the number of calls from potential buyers (that asked the same questions over and over) to a group of the most qualified buyers, saving time for the sales team. This solves that and much more to streamline your selling process.

What you’ll learn about in this episode:

Doing one thing really well and not stretching yourself too thin

Focusing on a business and getting it to a point where it can run without you before trying to do something else

Why your secondary business(es) need to relate to your core business

How Mitch got his house buying and selling business so that it worked without him

Turning his problem of having more private money than he knew what to do with into a hard money loaning business (and how that business runs without him too)

The education business Mitch started after no longer being in the day-to-day of those two companies

Mitch’s boat storage business that is yet another stream of income

How he turned his travel expenses into a travel business

LiveComm: Mitch’s business for handling calls and mass texting

Why becoming an expert in one things and creating as many businesses as you can that relate to that one thing is the key for multiple streams of income that actually work